Banks must decide how to pay for additional tax, potentially hitting customers

Banks must decide how to pay for additional tax, potentially hitting customers

Laurie Berry
|
10 May, 2017, 14:27

There's fairness and opportunity, just not much security. That could mean higher costs for home owners.

And Mr Morrison officially scrapped $13 billion in so-called zombie Budget measures hanging over from the 2014 and 2015 budgets.

Mr Morrison is happy to lay the blame for tax rises on the Upper House, calling them a senate tax.

In a bid to reset the "Mediscare" debate, the coalition will gradually lift the freeze on the indexation of the Medicare Benefits Schedule and reverse the removal of the bulk-billing incentive for X-rays and and pathology services and the increase in the PBS co-payment and related changes.

Mr Bowen also said the party was yet to accept the Medicare guarantee fund proved there was no secret plan to abolish universal health care.

That equates to $6.2 billion of new taxes from the banking sector over the next four years.

And the big element will be the 0.5 per cent increase in the Medicare levy to be paid by all singles earning $21,655 a year and above, and couples on $36,541, with additions for dependent children. This does not include people's deposit accounts or mortgages.

Downsizers will get special exemptions from superannuation rules to allow them to put lump sums into their retirement savings from selling their family home.

While the general provisions of negative gearing are untouched, the government will disallow deductions for travel expenses related to the properties. Students will pay 7.5 per cent more for courses by 2021.

But the scale of that borrowing immediately rose today when Mr Morrison issued a directive boosting loans from the $500 million ceiling set by predecessor Joe Hockey to a new high of $600 million.

"The only people who will see better days from this budget are big business and the well-off", he said. This is regarded by many economists as very optimistic.

That amounts to $2.2 billion over the next four years.

The government estimated the deficit for the current fiscal year ending June 30 will be AU$37.6 billion ($27.6 billion), AU$500 million ($367 million) worse than was forecast a year ago.

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First-home buyers are also a victor as a result of the government's budget measures, with those saving to buy their first property now able to "salary sacrifice" their deposit money into their superannuation account, allowing them to fast-track their saving by up to 30 percent.

An inland rail linking Melbourne and Brisbane will get an $8.4 billion, with the project set to begin in the next financial year.

The Government has also heard the anger over housing prices.

The levy on the banks will be 0.06% on their liabilities, starting on July 1.

"This represents an additional and fair contribution from our major banks, is similar to measures imposed in other advanced countries, and will even up the playing field for smaller banks", Mr Morrison said.

Morrison said the big banks would not pass-on the levy to their customers, calling for "greater accountability" in the sector, while he said multinationals had for too always been able to avoid paying their fair share of tax to the Australian government.

The government also restored a regulation that prevents developers from selling more than 50 percent of new projects to anyone not living in Australia.

"The treasurer is prosecuting a view out there that somehow this can be absorbed by banks, no organisation can absorb a tax", Ms Bligh said on Wednesday morning.

Welfare recipients have again been in the government's sights. JobSeeker recipients testing positive would be placed on the Cashless Debit Card.

"They key will be how well this is executed", he said.

The disability support pension will be denied for a disability caused exclusively by a person's substance abuse.

Michael Rowland said they will have a number of tax concessions granted to them under the new budget. It was "practical and workable".

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